India Global Connect With Mexico Reveals Growth Potential

GJEPC organised the 17th edition of its India Global Connect e-meeting with participants from Mexico with the aim of exploring trade opportunities between Indian manufacturers and Mexican jewellery retailers. The talks touched upon the importance of Mexico as a supplier of gold and silver to India and the potential to increase Indian gold jewellery exports to the Latin American nation.

Held late in the evening on 29th November, the virtual event was graced by dignitaries HE Dr. Pankaj Sharma, Ambassador of India to Mexico, and Mr. R. Arulanandan, Director, Department of Commerce.

Representing the Indian industry were Mr. Deepak Sheth of SK Seth Jewellers, Mr. Abhishek Sand of Savio Jewellery, Mr. Anish Birawat of Chain N Chain Jewels, Mr. K. Srinivasan of Emerald Jewel Industry India, and Mr. Manish Patwa of Green Diamond Technologies.

Offering the Mexican perspective were Mr. Alvaro Covarrubias, President, Chamber of Jewellery of Jalisco, and Ms. Andrea Reyes, Advisor, National Association of Importers And Exporters of The Mexican Republic.

The talks revealed that Mexico is India’s 3rd largest trading partner in North America. India-Mexico bilateral trade reached $8.7 billion, of which gems and jewellery is one of the most traded commodities. “Mexico’s consumers have high demand for Indian gems and jewellery, but there is room for growth,” Dr. Pankaj Sharma said.

India’s exports to the USMCA region (formerly NAFTA) is almost $15 billion and within the region, exports to Mexico are valued at $6.25 million accounting for a mere 0.04% share in India’s total exports to the region. The only hindrance to growth is the 15% duty levied on jewellery exported to Mexico, while it is only 6% to the US, it was informed.

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